Electro-diagnostics is a testing process which measures the speed or degree of electrical activity in the body. Electro-diagnostics equipment are employed to study the electrical conduction or activity of muscle and nerve impulse. These devices help practitioners or physicians for their recommend diagnosis for patients such as myopathy, neuropathy, neuromuscular junction disorder, and plexopathy. Major electro-diagnostic study includes nerve conduction studies (NCS), somatosensory evoked potential studies (SSEPs), and electromyography (EMG). The study of nerve function is performed by NCS, which is done by the application of electrical impulses through electrodes placed on the skin. Electromyography is carried out by a small needle electrode which is inserted into various muscles of the body to reveal the status of the muscle’s electrical activity.
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Advancement in technology, safe electro-diagnostic devices with portable features, low power consumption, accuracy, and capacity to incorporate advanced diagnostic features are major drivers for growth of electro-diagnostic equipment’s. Increasing incidence of lifestyle diseases and rising geriatric population are propelling the expansion of the electro-diagnostic devices market. An important factor is that the health fraternity depends heavily on diagnostic equipment. Consciousness about health has uplift the global health care spending. These are major market drivers for the expansion of the electro-diagnostic equipment market. However, high cost of devices, economic instability, and high maintenance cost are key factors that hinder the market growth of these devices.
The global market of electro-diagnostic devices can be segmented into diagnostic device (electroencephalography (EEG), electroretinography (ERG), electrocardiography (ECG), and electrogastrography (EGG)), by end-user (clinics, hospitals, home /ambulatory care research centers, rehabilitation centers, surgical centers, diagnostic centers, and physician offices), by therapeutics devices (wearable pain management devices, wearable glucose/insulin monitoring devices, wearable respiratory therapy devices).
In terms of geography, the global market of electro-diagnostic devices can be segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). North America is a significant market for electro-diagnostic devices due to the inventions of advanced technology, and wide spread awareness about device advancements. Rising preference for an independent lifestyle, need for the elderly and physically-challenged individuals to explore the world, increased longevity, and the staggering cost of caregiver services have fuelled the demand for mobility devices globally, apart from increased government support and reimbursement facilities. Asia Pacific is a rapidly expanding market for electro-diagnostic devices due to increasing healthcare expenses, high patient base, and high cost of medical treatment in the region are key factors that are boosting the expansion of the market of electro-diagnostics in Asia. Europe and Rest of world are also the other global markets for electro-diagnostic devices.
Presently, the advanced electro-diagnostic equipment has conquered the limitations of earlier diagnostic equipment. Advancement in technology provides the physician with live, more precise, and recordable information. This has led to a global increase in demand for electro-diagnostic equipment.
Top players operating in the global market of electro-diagnostic devices include Zephyr Performance Systems (Medtronic plc.), Boston Scientific Corporation, Abbott Vascular Devices, Siemens Medical Solutions Cleveland Medical Devices, Inc., OMRON Corporation, Corventis, Inc. (Medtronic plc.), Fitbit, Inc., Koninklijke Philips N.V., LifeWatch AG, Intelesens Ltd., Nuubo, Polar Electro, Basis Science, Sotera Wireless, Inc., and Polar Electro Oy. These companies have a prominent position in the global market. Few companies such as Fitbit, ResMed, Inc., and Philips Healthcare, are offering intense competition to these top players with their innovative and advanced product designs. Major players of the global market launch new products, which are acquired by smaller companies, to extend their product market and simultaneously develop their own products by advantage of the core competencies, thereby enhancing their product line. Companies are also looking at acquisitions in this market to expand their capabilities and position themselves in this expanding market.
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